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Whether it's best friends, family, industry colleagues, or anything else, two people always enter into a business partnership with the hope of leveraging each other's strengths and building a successful business together. However, real life does not always go smoothly.
If your business isn't doing as well as you expected or is failing, but you can't find the root cause, it might be time to consider the state of your business partnership. From disagreements over core values to avoiding each other altogether, problems in relationships with business partners can have a direct impact on how your business operates and ultimately whether it succeeds. there is.
If you're wondering whether you and your business partner are as compatible as you thought, look for these seven signs outlined by business leaders at the Rolling Stone Culture Council that may or may not repair your relationship. Please decide whether or not. Parting will be advantageous.
Disagree on core issues and decisions
One sign of incompatibility is a persistent disagreement about core values, goals, or decision-making processes. When differences impede progress or cause conflict, open communication is essential. To preserve your personal and professional integrity, consider seeking mediation or parting ways amicably. – Sonia Singh, Center for Inner Transformation
Lack of flexibility and openness to ideas
Rigidity, which means a lack of flexibility and openness to new ideas, can sabotage partnerships by hindering adaptability, fostering resentment, and undermining trust. If attempts to find common ground fail, you may need to consider dissolving or modifying the partnership to maintain overall success. – Shirin Etesam, OML
The Rolling Stone Culture Council is an invitation-only community for influencers, innovators, and creators. Are you eligible?
become defensive during a conversation
If discussions do not go well and legal agreements require cooperation, divide up different areas and hold each other accountable. This allows you both to focus on your strengths and maintain a middle ground on all items. – Susan Johnston, New Media Film Festival®
disagree about culture
One bad sign is a difference in vision or culture. Don't wait and have the closing conversation. As Peter Drucker said, “Culture eats strategy for breakfast.” – Igor Boyker, Igor Boyker
no longer collaborating
If your business partner starts making unilateral decisions without cooperating, take action immediately to prevent a decline in trust. Establish a documented long-term business strategy that is agreed upon by both partners. This strategy should guide all decisions and ensure alignment with the company's goals. Often, we move so quickly, especially in startups, that we forget the importance of documentation. – Calvin Rasode, Brains Bioceutical Corp
start avoiding each other
If you stop sharing and instead start avoiding your business partner, seeing them as a nuisance, that's a bad sign. The air is clear. Let's start an opportunity to share with each other so we can be on the same page again. – Angela Pye, Lucid Green
you are looking for a way out
If possible, try to have a clear exit strategy and plan for each partner, with terms that define how the partners will separate. While it is never advisable to discuss this with your partner at the start of a business, doing so will give both parties clear expectations about how the business can be exited and what the financial implications will be. I can. – Nathan Green, New Level Radio
